Retail Banker International has published "The Hidden Benefits of Social Banking," a blog post by FICO's Mike Gordon, vice president and managing director of EMEA. In the post, Mike discusses the use of social and digital channels for collections and recovery. Here's an excerpt:
Placing the customer in control of their own payment terms, and how they communicate with the bank, works well in making the customer lean towards making payments on your account first. At FICO we’ve seen this first hand in the work done by our partner Telrock, which uses social media and texts to make debt payment as pain-free as possible for every customer. This results in higher repayment rates.Read the full blog post. For more on this topic, listen to FICO's pre-recorded webinar, "Changing the Collections Game with Self-Service and Mobile Technologies" presented by Telrock CEO Russell Robinson and FICO blog author Daniel Melo.